Regulatory Alerts2023-11-16 | CBE12.7Added · Updated
CBE Regulation Book 12.7 - Updated Clean
The document establishes the regulatory framework for prepaid card payment services to promote financial inclusion and a cashless society. It defines various categories of prepaid cards, including open, semi-open, closed, and closed-loop electronic payment cards, specifying their usage restrictions and withdrawal capabilities. The regulations mandate that service providers must not accept cash deposits or provide guarantees on behalf of banks, nor issue cash or value transfers to customers without prior authorization from the licensed bank.